Hyatt Hotels Corporation has agreed to buy Two Roads Hospitality, a lifestyle hotel management company with 85 properties in eight countries, for a base price of $480 million, with the potential for Hyatt to invest an additional $120 million. Two Roads’ brands include Joie de Vivre, Alilia, Destination, Thompson and Tommie.

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Two Roads dates to September 2016, when Destination Hotels and Resorts merged with Commune Hotels and Resorts. Private equity firm Geolo Capital, whose founding partner is John Pritzker, owns 40 percent of Two Roads; Lowe Family Trust (LFT) owns 60 percent. Pritzker is the son of Hyatt founder Jay Pritzker and brother of Hyatt’s chairman of the board, Thomas Pritzker.

Geolo and LFT will keep Two Roads’ real estate owned by each entity.

“Two Roads’ passionate team members, strong brands, global footprint and robust development pipeline will expand our lifestyle offerings and grow Hyatt’s brand presence in more places where our guests and World of Hyatt members want to travel,” said Mark Hoplamazian, Hyatt president and chief executive officer. “Importantly, combining Two Roads’ meaningful brand presence and development plans in Asia with Hyatt’s already strong position in this region will allow us to accelerate expansion in this critically important and fast-growing part of the world.”

“We need them, and they need us,” Pritzker said in an interview with Skift. “From a lifestyle perspective, they have Andaz, but this immediately catapults them solidly in the lifestyle space, and they are forming a lifestyle division. Hyatt was small enough to accommodate what Two Roads is, and large enough to be benefited by it.”

The acquisition expands Hyatt’s presence into 23 new markets and brings its total properties to 853. Its chief U.S. competitors, Marriott International and Hilton Hotels and Resorts, operate 6,700 and 5,400 hotels, respectively.